Young to buy back shares

Published on September 10, 1996.

Young Broadcasting, New York, will repurchase 1.5 million Class C shares of Young from Capital Cities/ABC and a warrant to purchase an additional 750,000 shares. The move was done to eliminate a regulatory concern about Young's acquisition of KCAL-TV, Los Angeles, from Walt Disney Co., which also owns Cap Cities/ABC. Young said the repurchase does not affect the affiliation agreements at its six ABC affiliate stations.